General Liability And Property
General Liability Insurance
General Liability Insurance (GL) or (CGL-Commercial General Liability), often referred to as Business Liability Insurance, provides coverage for customer injuries, damage to others' property, and lawsuits. It can help pay for medical expenses as well as legal costs if an incident leads to a lawsuit. This important coverage is a necessity for almost any business owner looking to protect themselves, their clients and their reputation.
Commercial Property Insurance
Commercial Property Insurance helps protect the building your business owns or leases as well as your business personal property, including tools and equipment, inventory, and furniture. A commercial property insurance policy includes coverage for assets like accounts receivable, computers and lost income for when business operations are suspended due to a covered loss. Businesses can tailor their coverage to include additional protection like valuable papers and records coverage that can help pay to reproduce important documents, provide temporary storage and move records to avoid a loss.
Business Owner’s Policy
A Business Owner’s Policy (BOP) is comprised of General Liability and Property Insurance. These policies can be customized based on your specific type of business by adding endorsements to the policy like Boiler and Machinery Coverage for a Dry-Cleaning Business or Care, Custody and Control Coverage for a Housecleaning Business. Many carriers have policies that include several additional coverages that the industry has found to be important due to loss history. Whenever possible, we recommend purchasing a BOP to protect your business operations as they provide a more comprehensive form of protection.
Here are two important endorsements to consider when purchasing a policy for your business:
Cyber crime is becoming one of the most prevalent and costly losses to all types of businesses.
Cyber Liability coverage provides protection losses caused by damage, theft, disruption or corruption of your electronic data.
Data Breach involves accidentally losing or releasing your customers’ personal information.
The U.S. Federal Trade Commission will hold your company accountable for protecting customer information you collect online, even if a vendor or partner is the one who loses control of it. Along with offer this protection on our policies, we have resources to help you set up a game plan for protecting your customer’s information. Cyber Liability is an evolving coverage. Some providers offer this in levels of coverage while others offer a suite protection. Be sure to have this discussion with one of our Commercial Insurance Specialists at Agape Insurance Partners, Inc.
Hired and Non-Owned Auto Coverage
Even if your business does not own any autos this important coverage is one we recommend to all our clients who have employees. Did you know that you could be held liable for injuries due to an auto accident one of your employees is involved in while running an errand for the business? This coverage will extend your liability protection in those cases. It could also provide protection in the event you needed to rent a vehicle to make an unplanned pickup or delivery.
The Commercial insurance policy is not as standardized as your typical home or auto policy and requires more attention to get the correct coverages in place that meet the specific needs of your business. Contact a Commercial Specialist at Agape Insurance Partners to get a quote for your business insurance needs. Even if you are not shopping at this time, we would be happy to review your existing policy to make sure you have the right protections in place.